This customer-focused effort is the largest utility fuel cell initiative in the country

COLUMBUS, Ohio, Nov. 14, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) is offering large customers a custom solution to support their growing energy needs with fuel cell technology. AEP has an agreement in place to secure up to 1 gigawatt (GW) of Bloom Energy solid oxide fuel cells for data centers and other large energy users who need to quickly power their operations while the grid is built out to accommodate demand. This is the largest utility fuel cell technology initiative in the nation.

Third-quarter 2024 GAAP earnings of $1.80 per share; operating earnings of $1.85 per shareNarrows 2024 operating earnings (non-GAAP) guidance to $5.58 to $5.68 per share, maintaining $5.63 midpointAnnounces new long-term growth rate of 6% to 8% based off of 2025 operating earnings guidance of $5.75 to $5.95 per shareExpands five-year capital plan to $54 billion to support reliability and demand growth

AMERICAN ELECTRIC POWER

Preliminary, unaudited results

Third Quarter ended September 30

Year-to-date ended September 30

2024

2023

Change

2024

2023

Change

Revenue ($ in billions):

5.4

5.3

0.1

15.0

14.4

0.6

Earnings ($ in millions):

GAAP

959.6

953.7

5.9

2,303.0

1,871.9

431.1

Operating (non-GAAP)

985.4

923.8

61.6

2,317.8

2,077.6

240.2

EPS ($):

GAAP

1.80

1.83

(0.03)

4.35

3.62

0.73

Operating (non-GAAP)

1.85

1.77

0.08

4.38

4.02

0.36

EPS based on 532 million shares 3Q 2024, 520 million shares 3Q 2023, 529 million shares YTD 2024 and 517 million shares YTD 2023

 

Initiates search for newly created president of AEP Transmission role responsible for leading high growth businessShifts management of generating plants and economic development function to local operating companiesRealigns leadership team to support key business functions and local decision-making

 

COLUMBUS, Ohio, Oct. 31, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) today announced leadership and organizational changes that will empower local operations, drive growth and create value for customers and stakeholders. The changes are effective today.

COLUMBUS, Ohio, Oct. 24, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has named Matthew Fransen senior vice president, Finance and Treasurer, effective Dec. 1. He will succeed Julie Sherwood, who is retiring after 20 years with the company. Fransen will report to Chuck Zebula, executive vice president and chief financial officer.

Fransen will be responsible for all elements of the finance and treasury function including working with banking institutions, investors and rating agencies to support AEP's capital market needs; cash flow management and forecasting; development of capitalization strategy and monitoring of key credit metrics; and management of AEP's trusts and investments. He also will lead management of various corporate risks, including markets, credit and insurance.

GAHANNA, Ohio, Oct. 23, 2024 /PRNewswire/ -- AEP Ohio, an American Electric Power (Nasdaq: AEP) company, today filed a settlement agreement that addresses the extreme power needs of Ohio's growing data center industry while protecting AEP Ohio's other customers. The staff of the Public Utilities Commission of Ohio, the Ohio Consumers' Counsel (OCC), the Ohio Energy Group (OEG), Ohio Partners for Affordable Energy, and Walmart joined AEP Ohio in the filing.

"Ohio's economic success in bringing data centers to our state comes with immense demands for electricity, and we have to meet those efficiently and responsibly," said Marc Reitter, AEP Ohio president and chief operating officer. "The agreement insulates our other customers – including residents, small businesses, manufacturers and other industries – from the impact of the necessary infrastructure improvements. Our goal throughout this process has been to provide customers with protections, while keeping Ohio an attractive place to run and grow a business. This proposal provides that balance and was developed with PUCO staff and consumer advocates. I'm grateful for the hard work of all of our stakeholders."

COLUMBUS, Ohio, Oct. 22, 2024 /PRNewswire/ -- The Board of Directors of American Electric Power Co. (Nasdaq: AEP) today declared a regular quarterly cash dividend of 93 cents a share on the company's common stock, an increase of 5 cents per share.

The dividend is payable Dec. 10, 2024, to shareholders of record as of Nov. 8, 2024, and is the company's 458th consecutive quarterly common stock cash dividend. AEP has paid a cash dividend on its common stock every quarter since July 1910.

"AEP is strengthening our operations to deliver reliable, affordable energy for customers and results for investors," said Bill Fehrman, AEP president and chief executive officer. "Our nearly 115-year history of consecutive quarterly dividends reflects this commitment to providing consistent value to our shareholders. We are proud to continue this tradition while remaining focused on our strategy to enhance service for customers."    

COLUMBUS, Ohio, Oct. 11, 2024 /PRNewswire/ -- The following statement may be attributed to Marc Reitter, AEP Ohio president and chief operating officer:

What has been proposed by the partial settlement fails to adequately address the main issues expressed in AEP Ohio's application. It's unprecedented to present a "settlement" to the PUCO that isn't supported by the PUCO staff or the utility that initially raised the concern. The PUCO should reject it. AEP Ohio remains committed to finding a solution that balances the infrastructure investment needed to meet extreme power demands of data centers with protections for Ohio consumers.

COLUMBUS, Ohio, Oct. 8, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has named utility industry veteran Joseph F. Moore IV senior vice president, Business Transformation, effective today. Moore will report to AEP President and Chief Executive Officer Bill Fehrman.

Moore will lead process improvements across AEP's key business units and seven operating companies.

"AEP is focused on elevating the customer experience, while improving reliability and delivering world-class operational performance," Fehrman said. "Joe has a demonstrated track record of collaborating across business units to identify and execute solutions. I am confident his leadership will help AEP generate long-term, sustainable growth and create value for our customers and other stakeholders."

COLUMBUS, Ohio, Sept. 30, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has completed the sale of its distributed resources business, OnSite Partners, to funds advised by Basalt Infrastructure Partners LLC. AEP nets approximately $318 million in cash after taxes, transaction fees and other customary adjustments.

The sales agreement was announced in May 2024. The sale received necessary regulatory approval from the Federal Energy Regulatory Commission and federal clearance pursuant to the Hart-Scott-Rodino Antitrust Improvement Act of 1976.

COLUMBUS, Ohio, Sept. 3, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) was named one of the nation's Top Utilities in Economic Development by Site Selection magazine.

Site Selection annually evaluates utilities' involvement and support of corporate project investment and job creation on a cumulative and per-capita basis. AEP has earned a place on the list 12 of the last 13 years.

"2023 was a record year for economic development at AEP, and it's an honor to be recognized by Site Selection for our team's efforts to bring growth to the communities we serve," said Tim Wells, vice president, Sales, Economic and Business Development. "AEP supported and helped drive 92 new economic development projects across our service territory last year. This sort of success doesn't happen overnight, and it requires collaboration and teamwork with numerous internal AEP teams, along with our customers and partners at the federal, state and local levels."